Zimmer points to 'economic climate' as profits dip 20pc
Published 24/11/2016 | 02:30
Pre-tax profits at the Irish arm of US orthopaedic device manufacturer, Zimmer last year decreased by 21pc to $111.2m (€105m).
Zimmer's Irish unit based in Shannon specialises in constructing artificial knees and pre-tax profits dropped as revenues decreased by 7pc from $275m to $255m in the 12 months to the end of December last.
Zimmer Orthopedics Manufacturing started operations here in 2009 and has grown the number of employees at its base in the Shannon Free Zone to 287.
The firm last year built a new plant in Galway where 250 workers will be employed.
According to the directors' report, "the results for the year were satisfactory given the prevailing economic climate".
The directors state that the business continued to grow its output during 2015 "and the facility continued to build its supply chain by delivering products to a number of jurisdictions worldwide".
The directors point out that the company will continue to increase output in 2016 and expand its capabilities on the site.
The profit for 2015 takes account of non-cash depreciation costs of $9.5m.
The Shannon plant manufactures orthopaedic femoral knees and the figures show that staff costs for 2015 decreased from $17.8m to $17.5m (€16.1m).